Northern Bank Direct offers its customers convenient and secure access to online and mobile banking. Although accounts must be opened online, transactions can be made at any Northern Bank branch location. At the time of this writing, deposits made with Northern Bank Direct are insured by the FDIC (up to applicable limits) through Northern Bank.

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The banks current top MM rate is a non-competitive .5%. For those who secured the 2.26% promotion while no longer a leader, the rate is guaranteed until 6/30/19 after which I assume it will revert to something similar to the current low rate.
Today when I logged on the rate was shown as 0%. A CSR assured me that this was an error that they are working to fix. As a reminder for those grandfathered, there are no rate tiers, or minimum balance to avoid a service charge. I forgot to ask if accrued interest will be paid if the account is closed mid cycle but with the policies I noted, there is no risk if only a small balance is left

Rate of 2.24% guaranteed for 1 year. Opening the account on-line was fast and easy. Initial funding via ACH transfer from external account was credited the next day.
I don't know why anyone would place a 1-year CD while this offer is available.

Great Rates, Great Service

This bank does a great job of providing really competitive rates on Money Market and CDs (I like that they have bumped up the rate on my money market to keep it near the top of the market). Customer service has been very friendly when I have needed it. Mobile app makes it easy to monitor my accounts. And, I like that they are private/family-owned and operated vs big corporate.

Limited Availability Of Matured CD Balances

This bank seems to be competing on the national stage for CD accounts. Yet, they have adverse capabilities, compared to major internet banks. Here is what they have to say about getting your money back:"If you would like to have your funds sent electronically we will need a request to do that two days before the maturity date. The only option we are able to give if the CD has already matured is to send a check to an address on file."

I should note there was no problem funding my CD electronically. And, of course, if you want the proceeds transferred electronically, as referenced above, you must have previously established an external bank account.

Unable To Open Account

Just tried to open money market account but at the end of application, it says "Unfortunately, we couldn't open your account". It gives a phone number and I called for the reason. The CSR told me you will get a letter in the mail but refused to tell me over the phone. I have never been denied an account before. I don't know if others have that experience.

Transfers Limited To $5,000, Useless For An On-Line Bank

There transfers to and from externally linked accounts are limited to $5,000 / day. This is absurd and completely useless for an on-line bank. Oh, and the maximum for an entire month is only $25,000. That's a ridiculous considering there are so many other online banking alternatives that are much better.

Rate Confusion

The banks current top MM rate is a non-competitive .5%. For those who secured the 2.26% promotion while no longer a leader, the rate is guaranteed until 6/30/19 after which I assume it will revert to something similar to the current low rate.

Today when I logged on the rate was shown as 0%. A CSR assured me that this was an error that they are working to fix. As a reminder for those grandfathered, there are no rate tiers, or minimum balance to avoid a service charge. I forgot to ask if accrued interest will be paid if the account is closed mid cycle but with the policies I noted, there is no risk if only a small balance is left

Always verify rates and promotions with the bank or credit union. We are not Northern Bank Direct; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Northern Bank Direct Money Market Rates

APY

MIN

MAX

ACCOUNT NAME

VIEW DETAILS

1.51%*

-

$250k

Money Market Account

OTHER TIERS: 0.01% → $1m+ | 0.75% → $250k - $1m

Northern Bank Direct CD Rates

APY

MIN

MAX

ACCOUNT NAME

VIEW DETAILS

2.57%

$500

$250k

60-month CD

2.56%

$500

$250k

48-month CD

2.55%

$500

$250k

36-month CD

2.00%

$500

$250k

30-month CD

1.75%

$500

$250k

24-month CD

1.50%

$500

$250k

12-month CD

Locations

Northern Bank Direct is an Internet only bank and does not have branch locations. Its headquarters is located at 275 Mishawum Road - Woburn, MA 01801

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected]depositaccounts.com to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.